U.S. Housing Demand Shifts to $250,000 Midwest Markets as Pending Sales Rise to 79,220
Updated
Updated · HousingWire · May 13
U.S. Housing Demand Shifts to $250,000 Midwest Markets as Pending Sales Rise to 79,220
8 articles · Updated · HousingWire · May 13
Weekly pending home sales reached 79,220 through May 8, up from 74,212 a year earlier, showing demand is holding despite elevated mortgage rates.
Mortgage spreads narrowed enough to keep the average rate near 6.42% instead of a modeled 7.57%, helping preserve national demand even as buyers grow more payment-sensitive.
Cleveland, Columbus and Detroit are tightening fastest because lower prices keep transactions viable: Cleveland has about 1.2 months of inventory and absorbs more than 20% of listings weekly, versus roughly 12% nationally.
Higher-cost Sun Belt and pandemic-boom markets such as Houston, Austin, Phoenix and Dallas carry more inventory and more balanced conditions as buyers gain leverage and peak-era pricing proves harder to sustain.
The 2026 market is increasingly sorting by affordability and liquidity rather than appreciation, favoring metros where local incomes still support home purchases.
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